Greenhill & Company (GHL) swung to a net loss for the quarter ended Mar. 31, 2017. The company has made a net loss of $0.75 million, or $ 0.02 a share in the quarter, against a net profit of $4.36 million, or $0.14 a share in the last year period.

Revenue during the quarter dropped 14.86 percent to $56.93 million from $66.86 million in the previous year period. Total expenses were 94.74 percent of quarterly revenues, up from 89.23 percent for the same period last year. That has resulted in a contraction of 552 basis points in operating margin to 5.26 percent.

Operating income for the quarter was $2.99 million, compared with $7.20 million in the previous year period.

"We have seen a strong level of corporate interest in strategic transactions since the U.S. presidential election, yet industry data shows completed transaction activity is down materially versus the prior year and deal announcements are roughly flat relative to what was a soft start last year amid a steep equity market decline. We expect that as uncertainty with respect to government policy initiatives relating to taxes and regulation diminishes the pace of transaction announcements will increase, both in the U.S. and around the world. In the meantime, we are focused on continuing to build out our Firm, and already this year have added six new Managing Directors across North America, Europe and Australia, expanding our reach into the industrial, mining and energy sectors, among others. We expect more senior recruits will follow this year, as experienced bankers continue to be drawn to both our independent, "pure advisory" business model and our collegial culture that fosters teamwork across regions, sectors and advisory specialties," Scott L. Bok, chief executive officer, commented.